In a landmark move, President Bola Tinubu has officially signed the New Minimum Wage Bill into law, setting the minimum wage at ₦70,000 per month. This historic signing took place on Monday at the State House in Abuja, with the President of the Senate, Godswill Akpabio, and other members of the National Assembly in attendance.
_ Key Highlights of the New Law _
– *New Minimum Wage*: ₦70,000 per month, a significant increase from the previous ₦30,000
– *Regular Reviews*: The law provides for a review of the minimum wage every three years to ensure it keeps pace with inflation and economic growth
This move is expected to bring relief to millions of Nigerian workers and their families, who have been struggling with the rising cost of living. The new law demonstrates the government’s commitment to improving the welfare of its citizens and promoting economic growth.
Stay tuned for further updates and analysis on this developing story